Venezuela's state-owned oil company just injected millions of dollars into the cash-strapped Williams Formula 1 team, giving the country's president Hugo Chavez a chance to gloat about something else.

After losing funding from the Royal Bank of Scotland, the struggling Williams team looked to the world's fifth largest oil exporter for help. The deal with oil company PDVSA, worth a rumored $14 million dollars, comes after Williams signed Venezuelan driver Pastor Maldonado.

According to a spokesperson for PDVSA: "Pastor will fly our flag this year and carry the entire hopes of an entire country..."